(March 20, 2017) In her latest article in The Gleaner, "New Taxes: What Small Businesses Must Do, WEConnect International's Country Director for Caribbean Markets Yaneek Page shares advice on how small businesses in Jamaica can navigate new and higher taxes. She writes:
"In theory, revenue measures are simply the monies allocated to the maintenance and growth of a country that eligible citizens and organisations are obliged to pay as the price to exist in society. In reality, unless taxpayers are producing and earning more each year, they are likely to view new or increased taxes as a debilitating albatross, unsympathetically diminishing their incomes, standard of living, and overall quality of life."
Yaneek's main tips for small business owners include:
- Listen to customers, potential customers, partners, suppliers, etc on how they feel about the new tax measures
- Get accurate information
- Assess the tax measures